It's Mine!

Personal finance milestone.

Just sent in the final mortgage payment. Now I am completely debt free. Paid it off early- 30 year mortgage done in less than 15. I could have done a 15 year but payments would have been tighter on the budget which would have been a problem if any financial crisis arose (which it did when my company went on strike for five months- I was able to keep up with my payments during the whole time) and pay extra when I was able to. My costs of living are now incredibly cheap. Including property taxes and homeowners fees (condo) I can now live on less than $1000 a month if I have to. Prices of similar units are still about 50% higher than what I paid too. This is part of my retirement plan- keep the expenses as low as possible and you can live comfortably on less money. Same effect as having large amounts of savings (wouldn't call my savings huge but I have adequate money there too for now and can put more money there now too).

I am lucky enough to live in a moderate climate where I don't have to worry much about heating or cooling- a mile from the California coast. There is radiant heat in the ceiling which I have never used (never officiallly hits 32 degrees even in winter- "cold" weather means wearing long pants instead of shorts- not at all like Colorado winters where I grew up where yes I did walk two miles to school in two feet of snow and below zero temperatures) and in summer fans are enough to keep cool on most days. My utility bill runs about $35 a month year round. Work and the grocery store are easy walking distance so I don't need or have a car (no gas, insurance payments).

Very cool - congrats, I paid it off last year... before you say "its mine" remember that failure to pay property tax can land you in jail and homeless... so technically its the states, they just will rent it to you for the price of the property tax....

Hurrah! You've mentioned you were doing that several times over the years, and it's awesome you were able to stay focused on your goal. I know the world is full of shiny things....

So congratulations!

* Enforce Border Security – America should be guarding her own borders and enforcing her own laws instead of policing the world and implementing UN mandates.

* No Amnesty - The Obama Administration’s endorsement of so-called “Comprehensive Immigration Reform,” granting amnesty to millions of illegal immigrants, will only encourage more law-breaking.

* Abolish the Welfare State – Taxpayers cannot continue to pay the high costs to sustain this powerful incentive for illegal immigration. As Milton Friedman famously said, you can’t have open borders and a welfare state.

* End Birthright Citizenship – As long as illegal immigrants know their children born here will be granted U.S. citizenship, we’ll never be able to control our immigration problem.

It doesn't end with this election cycle. Commit to long term change, and you won't see all the GOP state convention shenanigans as the end of the Ron Paul Revolution--but as the end of the neocon control of the GOP, (and the beginning of the Ron Paul Revolution). Hang in there for another year or so, and you'll start to see some absolutely amazing results for all of our efforts. ~Ninja Homer

Personal finance milestone.
(which it did when my company went on strike for five months- I was able to keep up with my payments during the whole time)

Did your company go on strike or did your union go on strike. Sorry I could not resist. Congratulations Zippyjuan.

Last edited by Henry Rogue; 11-16-2012 at 08:45 PM.

Originally Posted by BuddyRey

Do you think it's a coincidence that the most cherished standard of the Ron Paul campaign was a sign highlighting the word "love" inside the word "revolution"? A revolution not based on love is a revolution doomed to failure. So, at the risk of sounding corny, I just wanted to let you know that, wherever you stand on any of these hot-button issues, and even if we might have exchanged bitter words or harsh sentiments in the past, I love each and every one of you - no exceptions!

Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

I am lucky enough to live in a moderate climate where I don't have to worry much about heating or cooling- a mile from the California coast. There is radiant heat in the ceiling which I have never used (never officiallly hits 32 degrees even in winter- "cold" weather means wearing long pants instead of shorts- not at all like Colorado winters where I grew up where yes I did walk two miles to school in two feet of snow and below zero temperatures) and in summer fans are enough to keep cool on most days. My utility bill runs about $35 a month year round. Work and the grocery store are easy walking distance so I don't need or have a car (no gas, insurance payments).

This is freaking awesome. I hope to be in your shoes one day. I can only imagine what it would be like to have a paid off home and the ability to survive on very few expenses. You are very right about the ability of lessening your expenses = higher savings. Good luck man.

Congrats! We're in a similar situation. We paid cash for a fixer-upper this summer. We'll be putting the final touches on it over the next month and moving in right before Christmas. 1 1/2 rent payments to go here at the apartment in the meantime and then we'll be living rent/mortgage free. It's an extremely liberated feeling, but the guys are right, $1640 in property taxes every year will be a harsh reminder that we're only renting it from the government.

Did your company go on strike or did your union go on strike. Sorry I could not resist. Congratulations Zippyjuan.

We were locked out so you could say it was the company.

As for property taxes, even renters pay that- it is in the rent cost but a renter gets nothing to show for the money they spend on rent while a buyer does.
(half of my property taxes are due next month).
Thanks everybody!

With interest rates at record lows, I would refinance it and by physical with the cash. You can get a 30 year fixed at 3% and the loan is even assumable by an approved buyer. After calculating true inflation the 3% loan is negligible. Just keep your balance at 78% Loan To Value to avoid PMI. If you ever get hard pressed to make a payment just sell some of the physical. The last thing in the world I would do is pay off a 3% home mortgage. Cheap money. Your loan balance will never increase but the value of your dollar is sure to decline. You will pay that loan back with devalued dollars.